Police said that the accident took place near Anandnagar checknaka (toll post) on the Eastern Express Highway around 1.15 pm.
Vaze, a resident of Mulund, was going to Mumbai from Thane on his Bajaj Chetak scooter with his assistant Hanumant Hegade, police said.
Hegade has suffered serious injuries and is being treated a private hospital. police said.
Madhav More, senior inspector of Navghar police station said that a speeding tempo carrying plywood rammed into the Vaze's scooter from the rear.
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Another official stated eye-witnesses to the incident claimed that Vaze's scooter was avoiding a pothole when the tempo rammed into his scooter.
Vaze was famous for arranging chess competitions for school children, said people close to him.
"He had started Dr Prakash Vaze Sports Foundation which used to organise state level tennis, cricket and badminton tournaments which would get a tremendous response," a person close to him said.
They added that Vaze had participated as an umpire in first class cricket.